Employment in UK banks reaches nine-year low

28 May 2013

Under pressure banks in the UK will have reduced staff levels by 189,000 jobs by the end of 2013, which brings employment to a nine-year low.

Bloomberg reports the UK companies are looking to ease the pressure by reducing fixed costs, which in turn will boost overall revenues.

The four biggest banks posted £108 billion ($164 billion) of revenue for 2012 - 13 per cent less than in 2008.

HSBC, The Royal Bank of Scotland, Lloyds Banking Group and Barclays will employ about 606,000 people in total worldwide by the end of 2013, according to the latest figures.

That is 24 per cent below the peak employment levels of 795,000 in 2008 and is the least since 2004 when they employed 594,000.

HSBC has eliminated $4 billion of expenses after removing 52 businesses since 2011. Earlier this month, it said it would reduce costs by as much as $3 billion over the next three years and predicted a further 14,000 jobs may be cut by 2016.

RBS will have removed around 78,000 jobs since its government bailout in 2008 by the end of 2013.

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